WGXC-90.7 FM

New York to divest pension fund from fossil fuels

Dec 09, 2020 2:45 pm
Nick Reisman is reporting for State of Politics New York will divest its $226 billion pension fund from fossil fuel producing companies by the end of the next decade, Comptroller Tom DiNapoli announced December 9. Divestment will include a four-year review of investments in companies that are in the energy sector. Standards will be reviewed for how ready a company is for transition to non-carbon producing fuels and climate-related investment risk. “New York State’s pension fund is at the leading edge of investors addressing climate risk, because investing for the low-carbon future is essential to protect the fund’s long-term value,” DiNapoli said in a statement. “Achieving net-zero carbon emissions by 2040 will put the Fund in a strong position for the future mapped out in the Paris Agreement. ..." The move was praised by state lawmakers who have called for divestment. Sen. Liz Krueger, the top Democrat on the Senate Finance Committee, had pushed for divestment. Read the full story at nystateofpolitics [dot] com.